Cape businessman arrested over fraud released on R1m bail

A business associate of his was also arrested during a sting operation by the Hawks.

Picture: Supplied.

CAPE TOWN - A Cape Town businessman has been released on R1 million bail following his arrest on charges relating to fraud, theft and money laundering.

A business associate of his was also arrested during a sting operation by the Hawks.

The pair is accused of defrauding the South African Revenue Service of millions of rand in an elaborate input VAT scam.

Their business and residential premises in Bellville and Melkbosstrand were raided, where files and electronic equipment were seized.

(Edited by Shimoney Regter)